BitFury Group gets $30m investment from Credit China Fintech

The deal includes an investment in BitFury shares and the establishment of a joint venture focusing on the Chinese market. The joint venture will be BitFury’s first major venture in China, and according to CNBC it will be used to sell its bitcoin mining equipment.

Credit China Fintech has already been exploring blockchain technology with some of its payment and p2p lending platforms, and has acknowledged that it has an operable prototype blockchain payment system at the company’s research lab. The collaboration with BitFury Group is designed to facilitate the sale of BitFury Bitcoin mining hardware and work to better promote blockchain technology throughout China. Credit China Fintech will also use the joint venture to more effectively enhance its own adoption of the technology.

“We have a working prototype payment system using blockchain technologies working in our research laboratory,” said Phang Yew Kiat, vice chairman and CEO of Credit China Fintech.

The timing of the collaboration coincides with the recent developments in the Chinese blockchain sector. The Chinese government has backed the creation of a Global Blockchain Business Council. The inaugural meeting of the newly created council was held in Davos a few days ago. The event also saw the participation of Bitfury and OverStock.